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T R O U B L E D C O M P A N Y R E P O R T E R
L A T I N A M E R I C A
Friday, March 2, 2012, Vol. 13, No. 045
Headlines
A R G E N T I N A
AGROVERSATIL SA: Creditors' Proofs of Debt Due March 16
CEREAL CONSULTING: Creditors' Proofs of Debt Due March 22
COMPUTACION BKO: Creditors' Proofs of Debt Due March 9
LONG PETROLERA: Creditors' Proofs of Debt Due March 14
MDQ CONSULTORA: Creditors' Proofs of Debt Due March 15
REPSTAY SRL: Creditors' Proofs of Debt Due March 7
RINCONES TURISTICOS: Creditors' Proofs of Debt Due March 19
B E R M U D A
TRAFALGAR SECURITIES: BSX Terminates Trading Membership
B R A Z I L
CENTRAIS ELETRICAS: Files for Bankruptcy Amid Growing Debt
REDE ENERGIA: Eletrobras May Help Bail Out Firm
REDE ENERGIA: Bankruptcy Protection Cues Fitch's Rating Actions
C A Y M A N I S L A N D S
ANTHRACITE BALANCED: Creditors' Proofs of Debt Due March 14
CAPSTONE ASIA: Creditors' Proofs of Debt Due March 14
CAPSTONE ASIA FUND: Creditors' Proofs of Debt Due March 14
CAPSTONE ASIA MASTER: Creditors' Proofs of Debt Due March 14
CEOS LIMITED: Members Receive Wind-Up Report
EMPIRE IAM: Shareholders' Final Meeting Set for April 24
EXCEL CHINA: Creditors' Proofs of Debt Due March 6
FORDEL HOLDINGS: Creditors' Proofs of Debt Due March 12
IANSA OVERSEAS: Creditors' Proofs of Debt Due March 14
MASDAR-SBI ALTERNATIVE: Members' Final Meeting Set for March 6
POLLUX GLOBAL: Shareholder to Hear Wind-Up Report on March 2
POLLUX GLOBAL LONG: Shareholder to Hear Wind-Up Report on March 2
POLLUX MULTI STRATEGY: Placed Under Voluntary Wind-Up
SIRE PARTNERS II: Creditors' Proofs of Debt Due March 6
SUNSPOT IAM: Shareholders' Final Meeting Set for April 24
P E R U
DOE RUN: Seeks to Restart Shuttered Peru Zinc Smelter on May 1
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=================
A R G E N T I N A
=================
AGROVERSATIL SA: Creditors' Proofs of Debt Due March 16
-------------------------------------------------------
Jorge Fernando Podhorzer, the court-appointed trustee for
Agroversatil SA's bankruptcy proceedings, will be verifying
creditors' proofs of claim until March 16, 2012.
Mr. Podhorzer will present the validated claims in court as
individual reports. The National Commercial Court of First
Instance No. 2 in Buenos Aires, with the assistance of Clerk
No. 3, will determine if the verified claims are admissible,
taking into account the trustee's opinion, and the objections and
challenges that will be raised by the company and its creditors.
The Trustee can be reached at:
Jorge Fernando Podhorzer
Pasaje del Carmen 716
Argentina
CEREAL CONSULTING: Creditors' Proofs of Debt Due March 22
---------------------------------------------------------
Norma Rosa Garciaindia, the court-appointed trustee for Cereal
Consulting SA's bankruptcy proceedings, will be verifying
creditors' proofs of claim until March 22, 2012.
Ms. Garciaindia will present the validated claims in court as
individual reports. The National Commercial Court of First
Instance No. 13 in Buenos Aires, with the assistance of Clerk
No. 25, will determine if the verified claims are admissible,
taking into account the trustee's opinion, and the objections and
challenges that will be raised by the company and its creditors.
The Trustee can be reached at:
Norma Rosa Garciaindia
Francisco Solano Lopez 3279
Argentina
COMPUTACION BKO: Creditors' Proofs of Debt Due March 9
------------------------------------------------------
Jorge Jose Korna, the court-appointed trustee for Computacion BKO
SA's bankruptcy proceedings, will be verifying creditors' proofs
of claim until March 9, 2012.
Ms. Korna will present the validated claims in court as
individual reports. The National Commercial Court of First
Instance No. 10 in Buenos Aires, with the assistance of Clerk No.
19, will determine if the verified claims are admissible, taking
into account the trustee's opinion, and the objections and
challenges that will be raised by the company and its creditors.
The Trustee can be reached at:
Jorge Jose Korna
Benito Juarez 3276
Argentina
LONG PETROLERA: Creditors' Proofs of Debt Due March 14
------------------------------------------------------
Elizabeth Maria Teresa Zamboni, the court-appointed trustee for
Long Petrolera SRL's bankruptcy proceedings, will be verifying
creditors' proofs of claim until March 14, 2012.
Ms. Zamboni will present the validated claims in court as
individual reports. The National Commercial Court of First
Instance No. 24 in Buenos Aires, with the assistance of Clerk
No. 48, will determine if the verified claims are admissible,
taking into account the trustee's opinion, and the objections and
challenges that will be raised by the company and its creditors.
The Trustee can be reached at:
Elizabeth Maria Teresa Zamboni
Vera 272
Argentina
MDQ CONSULTORA: Creditors' Proofs of Debt Due March 15
------------------------------------------------------
Andrea Lemos, the court-appointed trustee for MDQ Consultora SA's
bankruptcy proceedings, will be verifying creditors' proofs of
claim until March 15, 2012.
Ms. Lemos will present the validated claims in court as
individual reports. The National Commercial Court of First
Instance No. 17 in Buenos Aires, with the assistance of Clerk No.
33, will determine if the verified claims are admissible, taking
into account the trustee's opinion, and the objections and
challenges that will be raised by the company and its creditors.
The Trustee can be reached at:
Andrea Lemos
Libertad 293
Argentina
REPSTAY SRL: Creditors' Proofs of Debt Due March 7
--------------------------------------------------
Hugo Oscar D'Ubaldo, the court-appointed trustee for Repstay
SRL's reorganization proceedings, will be verifying creditors'
proofs of claim until March 7, 2012.
Mr. D'Ubaldo will present the validated claims in court as
individual reports. The National Commercial Court of First
Instance No. 10 in Buenos Aires, with the assistance of Clerk
No. 19, will determine if the verified claims are admissible,
taking into account the trustee's opinion, and the objections and
challenges that will be raised by the company and its creditors.
The Trustee can be reached at:
Hugo Oscar D'Ubaldo
Tucuman 1585
Argentina
RINCONES TURISTICOS: Creditors' Proofs of Debt Due March 19
-----------------------------------------------------------
Maria Cristina Rodriguez, the court-appointed trustee for
Rincones Turisticos SRL's bankruptcy proceedings, will be
verifying creditors' proofs of claim until March 19, 2012.
Ms. Rodriguez will present the validated claims in court as
individual reports. The National Commercial Court of First
Instance No. 24 in Buenos Aires, with the assistance of Clerk
No. 48, will determine if the verified claims are admissible,
taking into account the trustee's opinion, and the objections and
challenges that will be raised by the company and its creditors.
The Trustee can be reached at:
Maria Cristina Rodriguez
Avenida Corrientes 3169
Argentina
=============
B E R M U D A
=============
TRAFALGAR SECURITIES: BSX Terminates Trading Membership
-------------------------------------------------------
The Royal Gazette reports that the Bermuda Stock Exchange has
announced it has terminated the trading membership of Trafalgar
Securities "for non-payment of annual fees."
The BSX said Trafalgar was terminated and delisted effective
Feb. 24.
Trafalgar Securities Limited is a member of the Trafalgar Group
of companies headquartered in Bermuda and with offices in Canada
and the Netherlands. The Group provides "advanced offshore
financial services to both individual and corporate clients".
Its president is Edward Furtak, a Canadian who lives in Bermuda.
===========
B R A Z I L
===========
CENTRAIS ELETRICAS: Files for Bankruptcy Amid Growing Debt
----------------------------------------------------------
Rodrigo Orihuela and Peter Millard at Bloomberg News report that
Centrais Eletricas do Para SA aka Celpa filed for bankruptcy
protection amid growing debt and more than four years of frozen
tariffs as the company's controller struggles to find a buyer.
Some regulations issued in recent years by the Brazilian
electricity regulator, Aneel, "impacted drastically" on Celpa's
earnings, the company said today in a regulatory filing obtained
by Bloomberg. Celpa, Bloomberg relates, said it was also
affected by Aneel "delaying" tariff revisions.
Bloomberg notes that the company said Aneel delayed since August
its four-year review of Celpa's tariffs. Bloomberg relates that
Celpa said the lack of revised tariffs, the need to continue
investing and growing indebtedness "highly compromise its
capacity to honor its obligations."
Celpa's debt increased to BRL1.96 billion (US$1.15 billion) in
the third quarter of 2011 from BRL1.57 billion a year earlier,
while cash and equivalents tumbled from BRL680.4 million to 259.1
million in the same period, Bloomberg notes.
Celpa owes BRL150 million to Banco Bradesco SA, Brazil's second-
largest bank by market value, a person familiar with the debt
told Bloomberg in an interview.
Bloomberg adds that Celpa controller Rede Energia SA said in
December that it was looking for a "strategic partner" to buy a
minority or controlling stake in the holding in an attempt to
reduce debt.
Centrais Eletricas do Para SA aka Celpa distributes electricity
to 7.4 million people in 143 municipalities in the northern
Brazilian state of Para.
REDE ENERGIA: Eletrobras May Help Bail Out Firm
-----------------------------------------------
Leila Coimbra and Guillermo Parra-Bernal at Reuters report that
Grupo Rede Energia Chief Executive Jose da Costa Carvalho Neto
said Brazil's state-controlled power holding company Eletrobras
could help bail out debt-laden rival Grupo Rede Energia if
requested by the federal government.
The woes facing Grupo Rede, including rampant debt and slowing
revenue growth, could cause "economic and social malaise" that
could justify a rescue plan, Mr. Carvalho Neto, according to
Reuters.
"If we are called upon, we will have to do something," Mr.
Carvalho Neto said, referring to a potential bailout of Grupo
Rede, Reuters relates. "It will entirely be a decision of the
federal government," he added.
In recent weeks, efforts by Grupo Rede's Chairman and largest
shareholder Jorge Queiroz Jr to sell part or all of its 54
percent stake in the company have suffered serious setbacks.
China's State Grid and AES Corp gave up on buying the stake,
citing regulatory risks and the high price requested by Queiroz,
sources with knowledge of the situation told Reuters in an
interview. The report relates that speculation had mounted that
Eletrobras and rival CPFL Energia could buy Queiroz out.
Reuters notes that Grupo Rede's assets have been considered a
takeover target as the government and private companies boost
their market share in power distribution, a segment in which
bigger scale offsets the risk of lower power rates in coming
years.
Rede is controlled by Chairman Jorge Queiroz de Moraes Jr. An
investment fund of FGTS, Brazil's workers' compensation fund,
and BNDES Participacoes SA, the investment arm of the state
development bank, are also shareholders in Rede.
REDE ENERGIA: Bankruptcy Protection Cues Fitch's Rating Actions
---------------------------------------------------------------
Fitch Ratings has taken the following credit rating actions on
Rede Energia S.A. and its subsidiaries Centrais Eletricas do Para
S.A. (Celpa) and Centrais Eletricas Matogrossenses S.A. (Cemat):
Celpa
-- Local and Foreign Currency Issuer Default (IDRs) downgraded
to 'D' from 'B-';
-- Long-term National Scale Rating downgraded to 'D' from 'BB+
(bra)';
-- US$250 million senior unsecured notes due in 2016 long-term
International Rating downgraded to 'C'/RR4' from 'B-/RR4'.
Cemat
-- Local and Foreign Currency IDRs rated 'B-' placed on Watch
Negative';
-- Long-term National Scale Rating 'BB+(bra)' placed on Watch
Negative.
Rede Energia
-- Local and Foreign Currency IDRs rated 'CCC' placed on Watch
Negative;
-- Long Term National Scale Rating rated 'CCC (bra)' placed on
Watch Negative;
-- US$575 million perpetual notes long-term International
Rating 'CCC/RR4' placed on Watch Negative;
-- BRL370 million debenture issuance due in 2015 'CCC(bra)'
placed on Watch Negative.
The rating actions follow the announcement by Celpa that a
request for bankruptcy protection was filed in Brazil. This
announcement will likely result in a payment default for some or
all of Celpa's debt and result in a protracted debt
renegotiation. Further, the Celpa default will negatively affect
the payment capacity of Rede as well as trigger cross default
provisions in both Rede's and Cemat's outstanding debt. Rede's
and Cemat's already tight liquidity will be further restricted.
===========================
C A Y M A N I S L A N D S
===========================
ANTHRACITE BALANCED: Creditors' Proofs of Debt Due March 14
-----------------------------------------------------------
The creditors of Anthracite Balanced Company (R-22) Limited are
required to file their proofs of debt by March 14, 2012, to be
included in the company's dividend distribution.
The company commenced liquidation proceedings on Jan. 30, 2012.
The company's liquidator is:
Simon Conway
c/o Aaron Gardner
Telephone: (345) 914 8655
Facsimile: (345) 945 4237
PO Box 258 Grand Cayman KY1-1104
Cayman Islands
CAPSTONE ASIA: Creditors' Proofs of Debt Due March 14
-----------------------------------------------------
The creditors of Capstone Asia Volatility Intermediate Fund,
Limited are required to file their proofs of debt by March 14,
2012, to be included in the company's dividend distribution.
The company commenced liquidation proceedings on Jan. 13, 2012.
The company's liquidator is:
Walkers Corporate Services Limited
Walker House, 87 Mary Street, George Town
Grand Cayman KY1-9005
Cayman Islands
c/o Jennifer Chailler
Telephone: (345) 814 6847
CAPSTONE ASIA FUND: Creditors' Proofs of Debt Due March 14
----------------------------------------------------------
The creditors of Capstone Asia Volatility Fund, Limited are
required to file their proofs of debt by March 14, 2012, to be
included in the company's dividend distribution.
The company commenced liquidation proceedings on Jan. 13, 2012.
The company's liquidator is:
Walkers Corporate Services Limited
Walker House, 87 Mary Street, George Town
Grand Cayman KY1-9005
Cayman Islands
c/o Jennifer Chailler
Telephone: (345) 814 6847
CAPSTONE ASIA MASTER: Creditors' Proofs of Debt Due March 14
------------------------------------------------------------
The creditors of Capstone Asia Volatility Master Fund, Limited
are required to file their proofs of debt by March 14, 2012, to
be included in the company's dividend distribution.
The company commenced liquidation proceedings on Jan. 13, 2012.
The company's liquidator is:
Walkers Corporate Services Limited
Walker House, 87 Mary Street, George Town
Grand Cayman KY1-9005
Cayman Islands
c/o Jennifer Chailler
Telephone: (345) 814 6847
CEOS LIMITED: Members Receive Wind-Up Report
--------------------------------------------
The members of Ceos Limited received on Feb. 15, 2012, the
liquidator's report on the company's wind-up proceedings and
property disposal.
Clive Philip Le Brun Tomes is the company's liquidator.
EMPIRE IAM: Shareholders' Final Meeting Set for April 24
--------------------------------------------------------
The shareholders of Empire Iam Limited will hold their final
meeting on April 24, 2012, at 9:30 a.m., to receive the
liquidator's report on the company's wind-up proceedings and
property disposal.
The company's liquidator is:
Westport Services Ltd.
c/o Bonnie Willkom
Telephone: (345) 949 5122
Facsimile: (345) 949 7920
PO Box 1111 Grand Cayman KY1-1102
Cayman Islands
EXCEL CHINA: Creditors' Proofs of Debt Due March 6
--------------------------------------------------
The creditors of Excel China Investments Limited are required to
file their proofs of debt by March 6, 2012, to be included in the
company's dividend distribution.
The company commenced wind-up proceedings on Jan. 26, 2012.
The company's liquidator is:
Christophe D'Orey
C.K. Lam & Co.
Unit 704 Fourseas Building
208-212 Nathan Road
Kowloon
Hong Kong
Telephone: (852) 2866 2116
Facsimile: (852) 2866 2203
FORDEL HOLDINGS: Creditors' Proofs of Debt Due March 12
-------------------------------------------------------
The creditors of Fordel Holdings Inc. are required to file their
proofs of debt by March 12, 2012, to be included in the company's
dividend distribution.
The company commenced liquidation proceedings on Jan. 31, 2012.
The company's liquidator is:
Dana Hepburn
14 Rosebank Close
Fairfax Road Teddington
Middlesex
England
Telephone: 0208 943 1158
IANSA OVERSEAS: Creditors' Proofs of Debt Due March 14
------------------------------------------------------
The creditors of Iansa Overseas Limited are required to file
their proofs of debt by March 14, 2012, to be included in the
company's dividend distribution.
The company commenced liquidation proceedings on Jan. 19, 2012.
The company's liquidator is:
Walkers Corporate Services Limited
Walker House, 87 Mary Street, George Town
Grand Cayman KY1-9005
Cayman Islands
c/o Jennifer Chailler
Telephone: (345) 814 6847
MASDAR-SBI ALTERNATIVE: Members' Final Meeting Set for March 6
--------------------------------------------------------------
The members of Masdar-SBI Alternative Energy Fund Ltd. will hold
their final meeting on March 6, 2012, at 9:00 a.m., to receive
the liquidator's report on the company's wind-up proceedings and
property disposal.
The company's liquidator is:
Richard Finlay
c/o Noel Webb
Telephone: (345) 814 7394
Facsimile: (345) 945 3902
PO Box 2681 Grand Cayman KY1-1111
Cayman Islands
POLLUX GLOBAL: Shareholder to Hear Wind-Up Report on March 2
------------------------------------------------------------
The shareholder of Pollux Global Equities Fund will receive on
March 2, 2012, at 12:00 noon, the liquidator's report on the
company's wind-up proceedings and property disposal.
The company's liquidator is:
Ogier
c/o Lorna Walton
Telephone: (345) 815-1847
Facsimile: (345) 949-9877
POLLUX GLOBAL LONG: Shareholder to Hear Wind-Up Report on March 2
-----------------------------------------------------------------
The shareholder of Pollux Global Long Only Fund will receive on
March 2, 2012, at 12:00 noon, the liquidator's report on the
company's wind-up proceedings and property disposal.
The company's liquidator is:
Ogier
c/o Lorna Walton
Telephone: (345) 815-1847
Facsimile: (345) 949-9877
POLLUX MULTI STRATEGY: Placed Under Voluntary Wind-Up
-----------------------------------------------------
On Feb. 2, 2012, the sole shareholder of Pollux Multi Strategy
resolved to voluntarily wind up the company's operations.
Only creditors who were able to file their proofs of debt by
Feb. 27, 2012, will be included in the company's dividend
distribution.
The company's liquidator is:
Ogier
c/o Lorna Walton
Telephone: (345) 815-1847
Facsimile: (345) 949-9877
c/o Ogier 89 Nexus Way
Camana Bay
Grand Cayman KY1-9007
Cayman Islands
SIRE PARTNERS II: Creditors' Proofs of Debt Due March 6
-------------------------------------------------------
The creditors of Sire Partners II Offshore, Ltd. are required to
file their proofs of debt by March 6, 2012, to be included in the
company's dividend distribution.
The company commenced wind-up proceedings on Jan. 31, 2012.
The company's liquidator is:
Ogier
c/o Shameer Jasani
Telephone: (345) 815-1802
Facsimile: (345) 949-9877
89 Nexus Way, Camana Bay
Grand Cayman KY1-9007
Cayman Islands
SUNSPOT IAM: Shareholders' Final Meeting Set for April 24
---------------------------------------------------------
The shareholders of Sunspot Iam Limited will hold their final
meeting on April 24, 2012, at 9:00 a.m., to receive the
liquidator's report on the company's wind-up proceedings and
property disposal.
The company's liquidator is:
Westport Services Ltd.
c/o Bonnie Willkom
Telephone: (345) 949 5122
Facsimile: (345) 949 7920
PO Box 1111 Grand Cayman KY1-1102
Cayman Islands
=======
P E R U
=======
DOE RUN: Seeks to Restart Shuttered Peru Zinc Smelter on May 1
--------------------------------------------------------------
Alex Emery at Bloomberg News reports that Doe Run Peru said it
aims to restart its shuttered zinc smelter by May 1 once Congress
passes a law extending a deadline for an environmental cleanup.
The company recognizes the "obligation" to complete the
US$163 million investment in the La Oroya smelter, closed since
2009, the Renco Group Inc.'s unit said in an e-mailed
Statement obtained by Bloomberg.
As reported in the Troubled Company Reporter on April 18, 2011,
Bloomberg News said Peru's Finance Minister Ismael Benavides said
the government will defend its rights in arbitration initiated by
the closed Doe Run Peru smelter. Citing a government official,
Patricia Velez at Reuters related that Doe Run Peru's parent,
Renco Group, filed for arbitration against Peru to resolve a
longstanding dispute over its Doe Run Peru metals smelter.
According to newspaper Peru 21, Renco had demanded a $800 million
payment for cancelling Doe Run Peru's operating license for the
La Oroya smelter in July 2010 after it failed to complete an
environment cleanup project. The plant was privatized in 1997.
Reuters related that under the terms of the sale, Renco will put
filters on the smelter and the government will remove
contaminants from the hills and the town surrounding the plant.
According to Peruvian newspapers, Renco claimed that the
government has not followed through on its own cleanup effort or
honored the terms of the privatization agreement.
About Doe Run Peru
Doe Run Company operates an integrated primary lead operation and
a recycling operation located in Missouri, referred to as Buick
Resource Recycling. Fabricated Products operates a lead
fabrication operation located in Arizona and a lead oxide
business located in Washington. Doe Run Peru is a subsidiary of
the company. Doe Run Peru operates a polymetallic smelter at La
Oroya and copper mine at Cobriza both in Peru.
According to Reuters, Peruvian mining minister said earlier this
year that creditors were looking at taking over the smelter or
liquidating it under a bankruptcy process overseen by regulator
Indecopi. CORMIN initiated Doe Run Peru's bankruptcy proceeding
before INDECOPI.
***********
Monday's edition of the TCR-LA delivers a list of indicative
prices for bond issues that reportedly trade well below par.
Prices are obtained by TCR-LA editors from a variety of outside
sources during the prior week we think are reliable. Those
sources may not, however, be complete or accurate. The Monday
Bond Pricing table is compiled on the Friday prior to
publication. Prices reported are not intended to reflect actual
trades. Prices for actual trades are probably different. Our
objective is to share information, not make markets in publicly
traded securities. Nothing in the TCR-LA constitutes an offer or
solicitation to buy or sell any security of any kind. It is
likely that some entity affiliated with a TCR-LA editor holds
some position in the issuers' public debt and equity securities
about which we report.
Tuesday's edition of the TCR-LA features a list of companies with
insolvent balance sheets obtained by our editors based on the
latest balance sheets publicly available a day prior to
publication. At first glance, this list may look like the
definitive compilation of stocks that are ideal to sell short.
Don't be fooled. Assets, for example, reported at historical
cost net of depreciation may understate the true value of a
firm's assets. A company may establish reserves on its balance
sheet for liabilities that may never materialize. The prices at
which equity securities trade in public market are determined by
more than a balance sheet solvency test.
A list of Meetings, Conferences and Seminars appears in each
Thursday's edition of the TCR-LA. Submissions about insolvency-
related conferences are encouraged. Send announcements to
conferences@bankrupt.com
***********
S U B S C R I P T I O N I N F O R M A T I O N
Troubled Company Reporter-Latin America is a daily newsletter
co-published by Bankruptcy Creditors' Service, Inc., Fairless
Hills, Pennsylvania, USA, and Beard Group, Inc., Frederick,
Maryland USA, Marites O. Claro, Joy A. Agravante, Rousel Elaine
T. Fernandez, Valerie U. Pascual, Ivy B. Magdadaro, Frauline S.
Abangan, and Peter A. Chapman, Editors.
Copyright 2012. All rights reserved. ISSN 1529-2746.
This material is copyrighted and any commercial use, resale or
publication in any form (including e-mail forwarding, electronic
re-mailing and photocopying) is strictly prohibited without prior
written permission of the publishers.
Information contained herein is obtained from sources believed to
be reliable, but is not guaranteed.
The TCR Latin America subscription rate is US$625 per half-year,
delivered via e-mail. Additional e-mail subscriptions for
members of the same firm for the term of the initial subscription
or balance thereof are US$25 each. For subscription information,
contact Peter Chapman at 240/629-3300.
* * * End of Transmission * * *